The following statements relate to understanding today’s business environment.

____ is a management philosophy that focuses on maintaining lean inventories while producing products as needed by the customer.

____ is a philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational objectives. It requires improving quality and eliminating defects and waste throughout the value chain.

____ can integrate all of a company’s worldwide functions, departments, and data into a single system.

Firms adopt ____ to conduct business on the Internet.

Requirement

1. Complete the statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

E-commerce Just-in-time (JIT) manufacturing

Enterprise Resource Planning (ERP) Total quality management (TQM)